[Able Announces Funding In Place And Form 10-K Delayed]
WEST PALM BEACH, Fla., Feb. 16 /PRNewswire/ -- Able Telcom Holding Corp. (NASDAQ:ABTE) reported today that funding is now in place to purchase the Company's outstanding Series B Preferred Stock and 12% Senior Subordinated Notes from their current holders. Able further reported today that it is advised that these transactions are intended to occur before the end of this week subject to the execution of final documentation. Able's President Billy V. Ray stated, "the closing of these purchases will be a first step in a series of transactions intended to allow Able to improve its financial base. We have been informed that as a part of these purchases existing defaults under the preferred stock and note terms will be waived, or the holders will agree not to exercise any existing remedies for a period of time."
In addition, Able announced that it is in the final stages of discussions with its auditors, Arthur Andersen LLP, regarding certain non-recurring adjustments to its financial statements relating to the purchase of MFS Network Technologies from WorldCom last July. Able believes that such discussions will be completed later today and intends to release its earnings for the fiscal year ended October 31, 1998 by the close of business today. However, due to such ongoing discussions, Able will not be in a position to file its annual report on Form 10-K today. Management believes that it will be able to file the annual report on or before Wednesday February 24, 1999. |
